Last checked at 5 Jul 2017 11:00
LANDORE RESOURCES LIMITED
("Landore Resources" or "the Company")
(AIM Ticker: LND.L)
Award of Share Options
London, United Kingdom - July 5, 2017 - Landore Resources Limited (AIM:LND) ("Landore Resources" or "the Company") announces that a total of 21,500,000 options of no par value in the Company (the "New Share Options") ("Ordinary Shares") have been awarded to the Directors, certain other members of the Company's management and consultants.
The exercise price of the New Share Options is 3.19 pence, being a 10 per cent. premium to the mid-market closing price of the Ordinary Shares on 4 July 2017. The New Share Options are not subject to any performance conditions and will expire 5 years from the date of the award.
Details of the New Share Options awarded are set out below:
Name | No. of New Share Options | Exercise price (p) | Date of expiry |
William Humphries | 10,000,000 | 3.19 | 4 July 2022 |
Richard Prickett | 5,000,000 | 3.19 | 4 July 2022 |
Michele Tuomi | 5,000,000 | 3.19 | 4 July 2022 |
Charles Wilkinson | 500,000 | 3.19 | 4 July 2022 |
Helen Green | 500,000 | 3.19 | 4 July 2022 |
Others | 500,000 | 3.19 | 4 July 2022 |
The New Share Options are partial compensation for the Directors, senior management and consultants whose remuneration was significantly reduced in order to secure the Company's ability to survive in very challenging market conditions and whose loyalty was justified by the significant gold discovery, and continued progress, at the BAM East Gold Project on the Company's Junior Lake Property.
Following the award of the New Share Options, there are currently 68,350,000 options over Ordinary Shares ("Share Options") outstanding. A summary of the Share Options held by the Directors and management are set out below:
No. of Share Options granted | Date Share Options awarded | Date Share Options expire | Exercise price (p) | |
William Humphries | 1,000,000 | 28 October 2009 | 28 October 2019 | 14.0 |
1,500,000 | 26 September 2012 | 26 September 2017 | 7.4 | |
4,500,000 | 1 July 2013 | 1 July 2018 | 5.0 | |
5,000,000 | 25 November 2013 | 25 November 2018 | 2.5 | |
4,500,000 | 21 July 2014 | 21 July 2019 | 3.5 | |
10,000,000 | 5 July 2017 | 4 July 2022 | 3.2 | |
Richard Prickett | 1,500,000 | 26 September 2012 | 26 September 2017 | 7.4 |
2,000,000 | 1 July 2013 | 1 July 2018 | 5.0 | |
3,000,000 | 25 November 2013 | 25 November 2018 | 2.5 | |
2,500,000 | 21 July 2014 | 21 July 2019 | 3.5 | |
6,000,000 | 22 June 2016 | 22 June 2021 | 1.8 | |
5,000,000 | 5 July 2017 | 4 July 2022 | 3.2 | |
| ||||
Michele Tuomi | 400,000 | 26 September 2012 | 26 September 2017 | 7.4 |
1,000,000 | 25 November 2013 | 25 November 2018 | 2.5 | |
500,000 | 21 March 2014 | 21 March 2019 | 2.2 | |
1,500,000 | 21 July 2014 | 21 July 2019 | 3.5 | |
6,000,000 | 22 June 2016 | 22 June 2021 | 1.8 | |
5,000,000 | 5 July 2017 | 4 July 2022 | 3.2 | |
Charles Wilkinson | 250,000 | 26 September 2012 | 26 September 2017 | 7.4 |
500,000 | 1 July 2013 | 1 July 2018 | 5.0 | |
250,000 | 25 November 2013 | 25 November 2018 | 2.5 | |
250,000 | 21 July 2014 | 21 July 2019 | 3.5 | |
500,000 | 22 June 2016 | 22 June 2021 | 1.8 | |
500,000 | 5 July 2017 | 4 July 2022 | 3.2 | |
Helen Green | 250,000 | 26 September 2012 | 26 September 2017 | 7.4 |
250,000 | 25 November 2013 | 25 November 2018 | 2.5 | |
250,000 | 21 July 2014 | 21 July 2019 | 3.5 | |
500,000 | 22 June 2016 | 22 June 2021 | 1.8 | |
500,000 | 5 July 2017 | 4 July 2022 | 3.2 | |
Related Party Transaction
The issue of the New Share Options to the Directors (the "Director Options") is deemed to be a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. Given that there are no independent Directors, Strand Hanson Limited, the Company's Nominated Adviser, considers the terms of the Director Options to be fair and reasonable insofar as the Company's shareholders are concerned.
- ENDS -
About Landore Resources
Landore Resources is an exploration company that seeks to grow shareholder value through the acquisition, exploration and development of precious and base metal projects in eastern Canada. The Company is primarily focused on the development of the Junior Lake Project. Landore Resources has mineral rights to 5 properties in eastern Canada. The Company is headquartered in Guernsey, with an exploration office located in Thunder Bay, Ontario, Canada.
For more information, please contact:
Bill Humphries, Chief Executive Officer Tel: 07734 681262
Richard Prickett, Finance Director Tel: 07775 651421
Landore Resources Limited www.landore.com
Angela Hallett / James Spinney / Jack Botros Tel: 020 7409 3494
Strand Hanson Limited
Nominated Advisor and Broker
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014.